by Refractories, which are heat-resistant structural materials, are used for lining furnaces, kilns, incinerators, and reactors in a wide range of high-temperature industrial processes. Common refractory applications include lining basic oxygen furnaces, electric arc furnaces, and ladle metallurgy furnaces in the iron and steel industry. Refractories are crucial for other high-temperature processes across industries like cement, nonferrous metals, glass, energy, and petrochemical. Some key properties that make refractories suitable for such applications include thermal shock resistance, high melting point, and corrosion and erosion resistance from liquid metals. Global economic growth and development have resulted in increased demand from energy and infrastructure industries, driving the need for refractories.
The global Refractories Market is estimated to be valued at US$ 57616.65 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the refractories market is the rising demand for zirconia-based and alumina-based monolithic refractories. Zirconia addition enhances properties such as spalling resistance, thermal shock resistance, and erosion resistance of refractories. Alumina-based monolithics offer enhanced thermal shock resistance compared to traditional fired refractory shapes. They have high thermal conductivity allowing for fast warm-up and cool-down cycles. Their honeycomb cellular structure also lends attributes like low thermal mass and reduced installation times. Manufacturers are developing innovative materials and formulations utilizing the advantages of advanced monolithics to meet the needs of newer and more demanding high-temperature industrial processes.
Porter’s Analysis
Threat of new entrants: The refractories market requires huge capital investments and established distribution channels. Hence, the threat of new entrants remains moderate.
Bargaining power of buyers: Buyers have moderate to high bargaining power as they can negotiate on price and demand value-added services.
Bargaining power of suppliers: Leading manufacturers collaborate with raw material suppliers to ensure consistent supply. This keeps supplier power in check.
Threat of new substitutes: Substitutes remain limited due to the unique heat-resistant properties of refractory materials.
Competitive rivalry: The market is fragmented with the presence of global as well as regional players. Competition is high based on product quality, price, and innovation.
Key Takeaways
The global Refractories Market Growth is expected to witness high growth over the forecast period. Regionally, Asia Pacific dominates the market and is expected to grow at the fastest pace due to the growing steel and cement industries in China and India.
Regional analysis: Asia Pacific accounts for the largest share of the global refractories market led by China, India, Japan, and other developing nations. This can be attributed to rapid industrialization and the expanding manufacturing sector. The region is estimated to register the highest CAGR during the forecast period.
Key players:
Key players operating in the refractories market are Puyang Refractories Group Co. Ltd., Chosun Refractories, INTOCAST AG, Harbisonwalker International, Saint-Gobain, IFGL Refractories Ltd., Vesuvius, Imerys, Shinagawa Refractories Co. Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Magnezit Group, Resco Products, Minerals Technologies Inc., Refratechnik, and Morgan Advanced Materials. The players focus on developing innovative and sustainable solutions to strengthen their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
